Cash burn is severe and accelerating, with FCF deteriorating to -$187.3M in 2026Q2 from -$47.3M in 2025Q4, and cumulative operating cash flow of -$1.0B over ten quarters, indicating that revenue growth does not translate into cash generation.
Recursion Pharmaceuticals, Inc. (RXRX) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -431.58M | -371.81M | -359.17M | -287.78M | -83.52M | -158.61M | -45.4M | -57.04M |
| Operating CF Margin % | - | -497.86% | -610.44% | -655.89% | -210.49% | -1586.14% | -1330.18% | -3333.84% |
| Operating CF Growth % | -144.3% | -3.52% | -24.81% | -244.55% | 47.34% | -249.38% | 20.41% | - |
| Net Income | -518.89M | -644.76M | -463.66M | -328.07M | -239.48M | -186.48M | -87.01M | -61.88M |
| Depreciation & Amortization | 98.03M | 83.7M | 36.49M | 24.4M | 11.76M | 8.4M | 3.94M | 2.49M |
| Stock-Based Compensation | 112.93M | 111.22M | 81.69M | 53.5M | 27.91M | 14.84M | 4.29M | 1.39M |
| Deferred Taxes | -9.2M | 0 | 0 | 0 | 0 | 827K | 0 | 0 |
| Other Non-Cash Items | 46.4M | 64.34M | 24.31M | 6.64M | 11.37M | 4.1M | 2.54M | 555K |
| Working Capital Changes | -43.37M | 13.69M | -38M | -44.26M | 104.92M | -306K | 30.83M | 408K |
| Change in Receivables | 17.44M | 32.94M | -6.07M | -7.76M | -2K | 114K | -1.12M | 605K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 7.83M | 0 | 0 |
| Change in Payables | -5M | -2.62M | 6.43M | -987K | 1.77M | 1.75M | -185K | -340K |
| Cash from Investing | -6.43M | -16.87M | 260.06M | -10.23M | 193.25M | -271.74M | -8.74M | -3.91M |
| Capital Expenditures | -2.13M | -6.47M | -13.7M | -11.96M | -37.06M | -39.8M | -5.83M | -3.91M |
| CapEx % of Revenue | 3.88% | 8.66% | 23.28% | 27.25% | 93.39% | 397.98% | 170.85% | 228.52% |
| Acquisitions | 0 | 0 | 277.1M | 1.84M | 0 | 231.95M | -2.6M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -2M | -6.6M | -3.35M | -597K | -300K | -231.95M | -309K | 0 |
| Cash from Financing | 375.14M | 521.53M | 304.12M | 140.13M | 154.34M | 458.54M | 246.13M | 120.41M |
| Debt Issued (Net) | -10.96M | -8.43M | -4.44M | -766K | -90K | -12.8M | 6.32M | 705K |
| Equity Issued (Net) | 387.37M | 532.96M | 300.42M | 128.09M | 143.71M | 462.9M | 239.13M | 119.92M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.27M | -3M | 8.14M | 12.81M | 10.72M | 8.44M | 681K | -210K |
| Net Change in Cash | -64.93M | 150.9M | 201.6M | -157.69M | 263.76M | 28.18M | 192M | 59.46M |
| Free Cash Flow | -433.63M | -378.28M | -372.87M | -300.33M | -120.88M | -198.41M | -52.13M | -60.95M |
| FCF Margin % | -790.5% | -506.52% | -633.71% | -684.5% | -304.64% | -1984.12% | -1527.51% | -3562.36% |
| FCF Growth % | -10% | -1.45% | -24.15% | -148.45% | 39.07% | -280.58% | 14.47% | - |
| FCF per Share | -0.81 | -0.85 | -1.36 | -1.44 | -0.69 | -1.17 | -0.31 | -0.37 |
| FCF Conversion (FCF/Net Income) | 0.84x | 0.58x | 0.77x | 0.88x | 0.35x | 0.85x | 0.52x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 55K | 0 | 989K | 485K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RXRX stock.
Recursion Pharmaceuticals, Inc. (RXRX) generated $-371.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Recursion Pharmaceuticals, Inc. (RXRX) reported negative free cash flow of $378.3M in 2025, indicating capital requirements exceeded cash from operations.
Recursion Pharmaceuticals, Inc. (RXRX) spent $6.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Cash burn sustainability
Metrics are mathematically derived from official filings.
Cash Conversion Masked by SBC
Operating cash flow averaged -$100M per quarter over the last year, while net losses averaged -$140M, implying a persistent gap that stock-based compensation partially explains, per recent financial statements.
The OCF/NI ratio fluctuates wildly, from 0.43 in 2025Q4 to 1.43 in 2026Q2, indicating that net income is not a reliable proxy for cash burn. SBC of roughly $25M per quarter adds back to operating cash flow, but the underlying cash consumption remains substantial, suggesting that reported losses understate the true cash outflow.
FCF Burn Deepens Despite Revenue Spike
Free cash flow deteriorated to -$187.3M in 2026Q2 from -$47.3M in 2025Q4, a 296% increase in burn, even as revenue spiked to $35.5M, indicating that revenue growth is not translating into cash generation.
FCF margins have been consistently negative, ranging from -4.2% to -133.1%, with the most recent quarter at -24.4%. The widening gap between net income and FCF, driven by working capital outflows and elevated operating expenses, suggests that the company's cash runway is being consumed faster than revenue can offset.
Minimal CapEx Signals Asset-Light Model
Capital expenditures averaged under $2M per quarter, representing less than 5% of revenue in most periods, indicating a highly asset-light model where cash burn is driven by operating costs, not capital investment.
CapEx/Rev peaked at 49.3% in 2024Q1 but has since fallen to 3.9% in 2026Q2, suggesting that the company is not investing heavily in physical assets. This implies that the business relies on intangible assets and human capital, and that future growth may require significant R&D spending rather than capex.
Working Capital Swings Amplify Burn
Working capital changes swung from +$35.2M in 2025Q2 to -$26.3M in 2025Q3, and remained negative in 2026Q2 at -$19.9M, indicating that cash outflows are being exacerbated by unfavorable working capital dynamics.
The volatility in working capital changes suggests that the company's cash conversion cycle is unstable, possibly due to timing of collaboration payments or prepaid expenses. The negative working capital changes in recent quarters imply that cash is being tied up in operations, which may indicate inefficiencies in collections or inventory management, though the exact drivers are not disclosed.
No Capital Returns, Only Cash Consumption
No dividends or buybacks were paid over the past ten quarters, and acquisition activity was minimal except for a $277.1M outflow in 2024Q4, indicating that all cash is being directed toward operations and strategic investments.
The absence of shareholder returns is typical for a clinical-stage biotech, but the $277.1M acquisition outflow in 2024Q4 suggests that management is willing to deploy capital for inorganic growth. However, with no positive cash flow, such deployments increase the reliance on external financing, which may dilute existing shareholders.
Cumulative Losses Exceed Cash Burn
Over the last ten quarters, cumulative net losses totaled -$1.36B, while cumulative operating cash flow was -$1.0B, a gap of $360M that is largely attributable to non-cash charges like SBC and depreciation.
The cumulative gap between net income and operating cash flow indicates that a significant portion of reported losses are non-cash, but the actual cash burn remains substantial. This divergence suggests that while the company is burning cash at an alarming rate, the reported net loss overstates the cash outflow, which may provide some comfort to investors, but the underlying trend is still concerning.
What Could Invalidate the Base Case
The cash flow statement obscures the true cash burn by adding back SBC and depreciation, but the $277.1M acquisition in 2024Q4 and volatile working capital suggest that reported figures may understate cash consumption.
While SBC and D&A are non-cash, they represent real dilution and asset consumption that will require future cash outlays. The acquisition outflow in 2024Q4 indicates that management may pursue further inorganic investments, which could accelerate cash burn. Additionally, the erratic working capital changes suggest that cash flow timing may be manipulated through collaboration payments, warranting close monitoring of cash runway.